Premier League success overshadows financial and ownership concerns

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When Arsenal captain Martin Odegaard lifted the Premier League trophy at Crystal Palace’s Selhurst Park ground in south London on May 24, one might think all was well in English football (or soccer…).

Arsenal won their 14th league title, their first in 22 years, and became the third club to lift the trophy in the same season, following Liverpool in 2024-25 and Manchester City in 2023-24.

This highlights competition that is tougher than in Europe. Spain’s second-richest league after England is dominated by Barcelona and Real Madrid, who have been champions in 20 of the past 22 seasons.

In Germany, Bayern Munich have won the title in 13 of the past 14 seasons, while in France, Paris Saint-Germain (PSG) have won the title in eight of the past nine seasons.

Among Europe’s top leagues, only Italy’s Serie A is as competitive as the Premier League, with four clubs – Juventus, Inter Milan, AC Milan and Napoli – winning the title in the past seven years. British clubs are also active in international competitions.

After wins for Aston Villa and Palace in the Europa League and Europa Conference League, only a penalty shoot-out win between PSG and Arsenal in last Saturday’s Champions League final prevented England from winning a clean sweep.

Meanwhile, Chelsea are currently the winners of the FIFA Club World Cup. This may reflect the richness of British clubs.

The Premier League sells more television rights (domestic and international) than any other football competition, but in Deloitte’s latest ranking of the world’s 30 richest clubs by revenue, English clubs account for half of the places, with relatively unknown AFC Bournemouth, Brentford and Brighton & Hove Albion all making the list.

However, behind the scenes, the situation in England’s football industry is not as good as it appears, with an increasing number of top players, including England captain Harry Kane, based overseas. Six members of England’s squad for the upcoming World Cup will play for overseas clubs, following the sale of winger Anthony Gordon from Newcastle United to Barcelona last week.

Times journalist Martin Samuel, one of the country’s best sportswriters, commented: “We thought it was great. We were proud when Real Madrid and AC Milan came to our team. But almost a quarter of the group? That’s a drain on talent… It wouldn’t be so much of a problem if the same level of quality went in another direction.”

Meanwhile, Premier League clubs earn more than most European clubs, but only four clubs – Newcastle, Villa, Bournemouth and Liverpool – actually made a profit during the latest season for which figures are available. A number of clubs outside of the top flight have been placed into administration in recent years, including well-known clubs such as Derby County and Sheffield Wednesday.

Many clubs rely on accounting tricks such as sale-and-leasebacks of stadiums and training facilities to stay competitive and comply with Financial Fair Play rules, which are meant to prevent a few wealthy owners, such as sovereign wealth funds, from jacking up player prices and salaries while driving other clubs into financial unsustainability.

However, in the future there may be fewer such owners.

Tottenham Hotspur, one of six Premier League clubs, narrowly avoided relegation in 2021 after coming close to joining the breakaway European Super League until plans were scrapped due to supporter backlash. West Ham United, the Premier League’s eighth longest-reigning club and 20th in Deloitte’s Money League, have certainly been eliminated.

That could deter some investors, especially American owners who aren’t in danger of being relegated to professional sports leagues.

Samuel pointed out that Liverpool, Manchester United, Palace, Chelsea and Newcastle were “all up for sale in one form or another” and wrote that future owners “will shudder at the fate of West Ham and the near-miss at Tottenham”.

Some suspect the same was true of the Premier League’s upper echelons.

— Ian King

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